Perrigo (NYSE:PRGO) Updates FY24 Earnings Guidance

Perrigo (NYSE:PRGO) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $2.50-2.65 for the period, compared to the consensus EPS estimate of $2.57. The company issued revenue guidance of flat yr/yr or $4.656 billion, compared to the consensus revenue estimate of $4.66 billion.

Analyst Ratings Changes

A number of research analysts have recently weighed in on PRGO shares. JPMorgan Chase & Co. cut their price target on Perrigo from $48.00 to $41.00 and set an overweight rating on the stock in a research note on Wednesday, February 28th. Canaccord Genuity Group reaffirmed a buy rating and issued a $42.00 price target on shares of Perrigo in a research note on Friday, April 12th. Piper Sandler boosted their price objective on shares of Perrigo from $35.00 to $39.00 and gave the company an overweight rating in a report on Monday, April 8th. Finally, StockNews.com raised shares of Perrigo from a hold rating to a buy rating in a research report on Wednesday, April 3rd.

Perrigo Stock Up 3.2 %

Shares of NYSE:PRGO traded up $0.96 during mid-day trading on Wednesday, reaching $31.11. 1,622,328 shares of the stock were exchanged, compared to its average volume of 1,802,604. The company has a market cap of $4.22 billion, a P/E ratio of -306.90 and a beta of 0.63. Perrigo has a one year low of $25.77 and a one year high of $40.28. The stock’s 50 day simple moving average is $30.68 and its 200-day simple moving average is $30.93. The company has a quick ratio of 1.07, a current ratio of 1.79 and a debt-to-equity ratio of 0.76.

Perrigo (NYSE:PRGO) last announced its earnings results on Saturday, May 4th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.23 by $0.06. Perrigo had a negative net margin of 0.27% and a positive return on equity of 7.34%. The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same quarter in the prior year, the company posted $0.45 earnings per share. The firm’s revenue was down 8.4% on a year-over-year basis. As a group, equities research analysts predict that Perrigo will post 2.55 EPS for the current year.

Perrigo Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Stockholders of record on Friday, May 31st will be paid a dividend of $0.276 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date of this dividend is Friday, May 31st. Perrigo’s dividend payout ratio is currently -1,100.00%.

Insider Activity at Perrigo

In other Perrigo news, EVP Alison Ives bought 2,490 shares of Perrigo stock in a transaction dated Tuesday, March 5th. The stock was bought at an average cost of $27.26 per share, for a total transaction of $67,877.40. Following the purchase, the executive vice president now owns 16,122 shares of the company’s stock, valued at approximately $439,485.72. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Perrigo news, EVP Robert Willis bought 6,000 shares of Perrigo stock in a transaction dated Thursday, February 29th. The stock was bought at an average price of $25.87 per share, with a total value of $155,220.00. Following the completion of the transaction, the executive vice president now owns 25,105 shares in the company, valued at approximately $649,466.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Alison Ives acquired 2,490 shares of the company’s stock in a transaction on Tuesday, March 5th. The stock was acquired at an average price of $27.26 per share, with a total value of $67,877.40. Following the purchase, the executive vice president now directly owns 16,122 shares in the company, valued at $439,485.72. The disclosure for this purchase can be found here. Over the last three months, insiders bought 17,990 shares of company stock valued at $475,227. 0.40% of the stock is owned by corporate insiders.

About Perrigo

Perrigo Company plc provides over-the-counter health and wellness solutions to enhance individual well-being in the United States, Europe, and internationally. It operates through Consumer Self-Care Americas and Consumer Self-Care International segments. The company develops, manufactures, markets, and distributes self-care consumer products, such as upper respiratory products, including cough suppressants, expectorants, and sinus and allergy relief; nutrition products consisting of infant formulas and nutritional beverages; digestive health products, including antacids, anti-diarrheal, and anti-heartburn; pain and sleep-aids products comprising pain relievers and fever reducers; and oral care products, which include toothbrushes, toothbrush replacement heads, floss, flossers, whitening products, and toothbrush covers.